Members from the Institute of Real Estate Management and CCIM Institute (both located in Chicago) lobbied in support of H.R. 1591, an appropriations bill that included a leasehold improvement provision, on April 25, the Capitol Hill Visit Day. That evening, the House agreed to the conference report by a vote of 218 to 208. Unfortunately, H.R. 1591 was vetoed by the President on May 1, 2007. The House voted 222 to 203 to override the veto, but fell short of the 2/3 vote, or 290 votes, required.
During their meetings, IREM and CCIM Institute members asked their legislators to sponsor legislation that included a leasehold improvement provision or standalone legislation. Senator Conrad of North Dakota and Senator Kyl of Arizona introduced legislation (S. 1361) on May 10 that wouldpermanentlyextend the 15-year recovery period for the depreciation of certain leasehold improvements. Prior to the introduction of S. 1361, IREM and CCIM Institute members lobbied Senator Kyl's staff on April 25 requesting that he sponsor an extension of leasehold improvements. The Senate Finance Committee was assigned S. 1361. The companion bill in the House - H.R. 2014 - is sponsored by Representatives Crowley (NY) and Weller (IL).
This information was excerpted from the June 2007 issue of IREM'sLegislative Updates e-newsletter. To find out more about IREM, visit (http://www.irem.org/).
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